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VW to invest €10bn to make electric vehicles in Spain

05 May 2022 - 14:00 By Reuters
The VW logo is reflected in the window and body of a ID.3 electric car. The German car maker plans to invest €10 billion (roughly R166,293,075,600) to make EVs and batteries in Spain.
The VW logo is reflected in the window and body of a ID.3 electric car. The German car maker plans to invest €10 billion (roughly R166,293,075,600) to make EVs and batteries in Spain.
Image: Sean Gallup/Getty Images

German car maker Volkswagen AG plans to invest €10bn (roughly R166.3bn) to make electric vehicles and batteries in Spain, its CEO Herbert Diess said on Thursday.

“We will electrify the second-largest car producer in Europe with a new giga-factory of batteries and the production of electric cars in two plants and the creation of a full ecosystem of suppliers from lithium extraction to the assembly of batteries,” Diess told an event in Sagunto near Valencia.

The company will also set up a solar park with Spain's power utility Iberdrola to partly power its factory in Sagunto.


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